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Featuring the members of the Latin-American Shadow Financial Regulatory Committee (CLAAF): Guillermo Calvo, Professor, Columbia University; former Chief Economist, Inter-American Development Bank Pedro Carvalho de Mello, Professor, Universidade de Sao Paulo; former Commissioner, Comissao de Valores Mobiliarios, Brazil Roque Fernandez, Professor, Universidad del CEMA; former Minister of Finance, Argentina Carmen Reinhart, Professor, Harvard University Liliana Rojas-Suarez, President, CLAAF; Senior Fellow and Director, Latin America Initiative, Center for Global Development
Latin America has benefited in recent years from an unprecedented and prolonged episode of extremely low interest rates in the US and other high-income economies. Most Wall Street analysts and multilateral bank economists agree that, led by the US, this episode is coming to an end with return of what was once regarded as a normal global macro environment: higher interest rates in advanced economies and lower commodity prices.
How will Latin America weather the return to normal? There is no consensus. Some experts argue that improvement in macroeconomic policies (especially greater exchange rate flexibility) will pay dividends and the region will continue on a solid, albeit lower and sometimes bumpy path of economic growth. Others warn that the return of normal will expose hidden fragilities that in some countries could result in serious economic instability.
CLAAF members will present their views on this debate and will answer the following questions, among others:
How should Latin America’s performance be assessed? Are the typical indicators of fiscal and monetary strength adequate or are we missing an important part of the story?
Can local-currency denominated financial instruments developed in the region during the period of prolonged low international interest rates be sustainable with the return of normal conditions?
How will a less favorable international economic climate and political pressures to sustain high growth rates (in a heavy electoral period in the region) interact to determine outcomes?
Every year, more than 5 million women, children and adolescents die from preventable conditions, due to a significant financing gap for healthcare for women, children and adolescents, and inadequate incentives for provision and use of quality health services, among other factors. The Global Financing Facility (GFF) in support of Every Woman Every Child is a new approach to sustainable global health financing that is supporting countries’ approaches to financing and investing in the health of their people.
Five members of the Zimbabwe Working Group traveled to Harare May 20-25 to meet with the government, opposition leaders, and a wide range of business, religious, and civil society organizations to assess prospects for free and fair elections and for meaningful political and economic reform. Please join us to hear from the delegation as they share their findings and recommendations for US policy.